Technical analysis of USD/CAD for December 31, 2015

General overview for 31/12/2015 09:10 CET

A triangle pattern might continue in a tight range as the market is consolidating around the weekly pivot at the level of 1.3870. To confirm one of the counts, traders must wait for a breakout at the level of 1.4000or for a further downside move to the level of 1.3621.

Support/Resistance:

1.4041 – WR2

1.4000 – Intraday Resistance

1.3927 – WR1

1.3870 – Weekly Pivot

1.3815 – Intraday Support

1.3748 – WS1

1.3693 – WS2

Trading recommendations:

Day traders should continue buying on dips in this market with SL below the level of 1.3815 and TP at the level of 1.4000.

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The material has been provided by InstaForex Company – www.instaforex.com

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